Implications of Non Payment
Lenders follow their own principles and policies regarding fees and interest if you don’t pay on time. While most of them will contact you by phone or letter to rearrange payment, remember that non-payment can lead to extra charges and increased interest rate which eventually affects your credit score. It’s important that you read the lender’s website’s charges section before finalising the loan.
Lenders usually contact you by phone, email or letter to arrange payment as non-payment can lead to charges and higher interest rates affecting your credit score. There is the possibility of your debt being passed on to a collection agency and consequent further charges with continued non-payment.
Make sure you contact your lender well before your repayment date if you plan to renew your loan. You will most probably be charged the same rate of interest and fees for the next month on the entire loan amount. The loan renewal/extension is automatic and leads to more interest and charges to your account in the event of a non-payment.
FAQ Section Title
Who can apply through Zest Credit?
To apply for a loan through Zest Credit you need to be at least 18 years old and have UK residency. You will also need to be earning a minimum of £800 per month and have a UK bank account to transfer the loan amount into.
How much can I borrow?
The minimum amount you can apply to borrow is £300 and the maximum is £5,000. Please be advised that the amount you apply for may differ from the amount a lender grants you. This will be based on factors like your employment status, monthly income and credit history.
What information will the application form require?
Zest Credit’s application form is simple to use and quick to complete. You will be asked for: * A list of all postal addresses you have lived at over the last three years * Your current employer’s details, including the name and address of the company * Your monthly income with any outgoing expenses (e.g. bills or rental payments)
How can I pay back the loan?
You will need to sign a credit agreement before receiving the loan and all repayment terms are agreed upfront with the lender. You have between 1 to 24 months to pay back the loan and repayment can be made in fixed, monthly instalments.
I don’t understand what ‘representative APR’ means?
APR stands for Annual Percentage Rate. This rate describes the cost of borrowing money over a year and is a representative example of the amount of interest you’ll be expected to pay on your loan. Lenders impose different APRs, so the figure can vary depending on which lender your application is matched to.